CBRE has agreed to acquire Onnec Group for £460 million in cash, expanding its data centre infrastructure services business as demand for digital infrastructure grows.
The commercial real estate services and investment company has also agreed to a multi-year earnout of up to £300 million, subject to Onnec meeting specified growth targets. The additional payments could take the total consideration to £760 million.
Headquartered in Dallas, Texas, CBRE provides commercial property advisory, facilities management and project management services, alongside specialist services for critical infrastructure. The acquisition forms part of its strategy to build a global infrastructure services business alongside its real estate operations.
London-based Onnec designs, deploys and maintains network, fibre and data centre infrastructure for major technology companies, including hyperscalers. Founded in 1986, the company employs approximately 800 people across the UK, continental Europe and Asia-Pacific.
CBRE expects Onnec to generate approximately £370 million in revenue and more than £50 million in core earnings before interest, tax, depreciation and amortisation (EBITDA) in 2027. The company said the acquisition would immediately increase its core earnings per share.
Onnec will become part of CBRE’s Critical Infrastructure Services business, which is expected to generate nearly $4.5 billion in revenue in 2027, including Onnec’s contribution. CBRE expects its other services businesses, particularly project management and advisory services, to generate a further $2.5 billion in infrastructure services revenue, bringing the total to nearly $7 billion.
“CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business. We’ve long believed Onnec is an excellent fit in this strategy,” said Vikram Kohli, Chief Operating Officer at CBRE. “The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”
Onnec’s presence in Europe and Asia-Pacific complements CBRE’s existing data centre infrastructure services in the US, giving the group a broader geographic reach to serve major technology companies.
Barry Horgan, Chairman of Onnec, said: “As part of CBRE, we gain the platform and expertise to broaden our capabilities, creating even greater value for our clients, and provide new opportunities for our employees, while staying true to the customer-focused approach that has driven our success.”
